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| Press Release

Concierge Technologies Reports Fiscal 2020 Financial Results

-Company Files Annual Report Form 10-K with Profitable Results-

SAN CLEMENTE, CA / ACCESSWIRE / September 28, 2020 / Concierge Technologies, Inc. (OTCQB:CNCG), a diversified global holding firm, today announced financial results for the fiscal year ended June 30, 2020.

For the year ended June 30, 2020, the company reported revenues of $26.7 million, compared with $26.9 million for the prior year. Concierge reported net income of $1.77 million, equal to $0.05 per fully diluted share, for fiscal 2020, versus $0.3 million, or $.01 per fully diluted share, for the prior year.

Concierge's balance sheet remained strong at fiscal year-end, with $17.6 million in current assets, of which $9.8 million are held in cash and cash equivalents, essentially no debt, and total assets of $24.4 million.

The company said that, as expected, results for its operating subsidiaries in the food service, hair and skin care, and security monitoring businesses lagged somewhat in the 4th quarter of fiscal 2020 due to the impact of the COVID-19 pandemic on a global scale. Despite the 4th quarter slow-down, these businesses all reported profits and near normal operating results. Its financial services business, Wainwright Holdings is the holding company for United States Commodity Funds LLC and USCF Advisers, LLC (together USCF). USCF currently manages ten exchange-traded funds and exchange-traded products that are all listed on the New York Stock Exchange. This year has seen significant inflows into commodity funds, including USCF's, raising assets under management ("AUM") from $2.7 billion in 2019 to near $6 billion as of June 30, 2020. Income to USCF is related to AUM through management fees.

Concierge said each of its other business units-Gourmet Foods, Brigadier Security Systems and Original Sprout-were all deemed essential businesses within their jurisdictions of New Zealand, Canada and California, respectively, in regard to COVID-19 lockdown orders. None of these businesses were shut down for any period of time and each of them adapted as required to meet safety standards and to continue supplying their customers. Each had a different approach: Gourmet Foods began producing more frozen product to supply households; Brigadier Security Systems took on more work in public buildings and commercial spaces than residential; Original Sprout added an online sales channel to market and also began producing hand sanitizer. Each of them employed cost cutting measures enabling them to maintain projected profitability on reduced gross revenues.

"I know I've said this before," commented Nicholas Gerber, Chief Executive Officer of Concierge Technologies. "but the ongoing pandemic has further proven to us that our strategy of creating a diverse, global, holding company is working. Despite entering one of the worst, and most confusing, economic times in recent memory, Concierge continues to be strong and profitable. We're going to keep on doing what we do, building a talented management team around a solid, high quality, platform from which to grow organically or by acquisition of other profitable companies."

Business Units

Gourmet Foods,, acquired in August 2015, is a commercial-scale bakery that produces and distributes iconic meat pies and pastries throughout New Zealand under the brand names Pat's Pantry and Ponsonby Pies.

Brigadier Security Systems,, acquired in June 2016 and headquartered in Saskatoon, Canada, provides comprehensive security solutions to homes and businesses, government offices, schools and other public buildings throughout the province.

The company's USCF Investments operation,, acquired as part of the Wainwright Holdings transaction in December 2016 and based in Walnut Creek, Calif., serves as manager, operator or investment adviser to 10 exchange traded products, structured as limited partnerships or investment trusts that issue shares trading on the NYSE Arca.

Acquired by Concierge at the end of 2017, California-based Original Sprout,, produces and distributes a full line of vegan, safe, non-toxic hair and skin care products, including a "reef safe" sun screen, in the U.S. and its territories, the U.K., E.U., Turkey, Middle East, Africa, Taiwan, Mexico, South America, Singapore, Hong Kong, Malaysia, New Zealand, Australia and Canada.

About Concierge Technologies, Inc.

Concierge Technologies, originally founded in 1996, was repositioned as a global holding firm in 2015, and currently has operating subsidiaries in financial services, food manufacturing, security systems and beauty products. Offices and manufacturing operations are in the U.S., New Zealand and Canada. For more information, visit

Forward-Looking Statements

This press release may contain "forward-looking statements" that include information relating to Concierge Technologies' future events and future financial and operating performance. Such forward-looking statements, including, but not limited to, growing the business platform and an expectation for its subsidiaries to rebound, or AUM to continue to rise, should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements.

For a more detailed description of the risk factors and uncertainties affecting Concierge Technologies or its subsidiary companies, and more detailed information about the individual operating entities, please refer to the Company's Securities and Exchange Commission filings, which are available on the Company's website, (, or at

For further information contact:

David Neibert, COO
Tel: 888.805.2229


  June 30, 2020     June 30, 2019  
Cash & cash equivalents
  $ -     $ 6,481,815  
Accounts receivable, net
    -       939,649  
Accounts receivable, related parties
    -       1,037,146  
Inventory, net
    -       1,008,662  
Prepaid income tax and tax receivable
    394,473       1,754,369  
    -       3,756,596  
Other current assets
    3,511,795       546,105  
Total current assets
    3,906,268       15,524,342  
Restricted cash
    -       13,436  
Property and equipment, net
    12,854       757,014  
Operating lease right-of-use assets
    18,512,533       -  
    733,917       915,790  
Intangible assets - net
    351,345       2,659,723  
Deferred tax assets, net
    1,174,603       859,696  
Other assets - long term
    147,628       523,607  
Total assets
  $ 24,839,147     $ 21,253,608  
Accounts payable and accrued expenses
  $ 24,482,298     $ 2,867,081  
Expense waivers - related parties
    -       325,821  
Current portion of operating lease liabilities
    421,892       -  
Notes payable - related parties
    438,812       3,500  
Loans - property and equipment, current portion
    -       26,241  
Total current liabilities
    25,343,001       3,222,643  
Notes payable - related parties
    447,062       600,000  
Loans - property and equipment, net of current portion
    -       61,057  
Long-term operating lease liabilities, net of current portion
    -       -  
Deferred tax liabilities
    -       176,578  
Total long-term liabilities
    447,062       837,635  
Total liabilities
    25,790,063       4,060,278  
Preferred stock, par value $0.001; 50,000,000 shares authorized
Series B: 53,032 issued and outstanding at June 30, 2020 and 2019
    -       53  
Common stock, $0.001 par value; 900,000,000 shares authorized; 37,412,519 shares issued and outstanding at June 30, 2020 and 37,237,519 at June 30, 2019
    -       37,237  
Additional paid-in capital
    53       9,178,838  
Accumulated other comprehensive income
    37,412       (175,659 )
Retained earnings
    -       8,152,861  
Total stockholders' equity
    37,465       17,193,330  
Total liabilities and stockholders' equity
  $ 25,827,528     $ 21,253,608  


  Year Ended June 30,     Year Ended June 30,  
  2020     2019  
Net revenue
Fund management - Related Party
  $ 15,459,061     $ 15,021,439  
Food products
    4,745,821       4,747,358  
Security alarm monitoring
    2,660,153       3,558,580  
Beauty Products
    3,883,953       3,621,246  
Net revenue
    26,748,988       26,948,623  
Cost of revenue
    6,483,171       6,936,421  
Gross profit
    20,265,817       20,012,202  
Operating expense
General & administrative expense
    4,447,563       4,205,389  
Fund operations
    3,176,214       4,494,001  
    2,601,104       2,910,447  
    601,826       702,320  
Salaries and compensation
    7,523,083       6,944,457  
Total Operating Expenses
    18,349,790       19,256,614  
Income from operations
    1,916,027       755,588  
Other income (expense)
Other (expense) / income
    365,250       (484,028 )
Interest / Dividend Income
    96,186       366,796  
Interest expense
    (41,100 )     (29,493 )
Total other (expense) income
    420,336       (146,725 )
Income before income taxes
    2,336,363       608,863  
Provision of income taxes
    (562,962 )     (347,014 )
Net Income
  $ 1,773,401     $ 261,849  
Weighted average shares of common stock            
    37,390,524       32,588,418  
    38,451,164       38,298,159  
Net income per common share
  $ 0.05     $ 0.01  
  $ 0.05     $ 0.01  


  Year Ended     Year Ended  
  June 30, 2020     June 30, 2019  
Net income
  1,773,401     261,849  
Other comprehensive income (loss):
Foreign currency translation gain (loss)
    30,915       (44,516 )
Comprehensive income
  1,804,316     217,333  
SOURCE: Concierge Technologies, Inc.

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